Brokers in the Fast-and-Loose Lane? Run Their Licenses.

This uniform licensing source will be a crucial tool for regulators trying to determine if someone is participating in an unlawful activity that got him banned from mortgage activity in another state.

So far, seven states -- Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island -- are participating in the mortgage registry, which was launched online in January. By year's end, 18 state agencies are scheduled to be part of the system, although 42 state agencies representing mortgage regulators in 40 states have indicated their intent to come on board.

Matthews said he expected all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands to be part of the registry in the next three to five years. By 2009, consumers will have access to the database, he said.

I know it takes time to get such a system up and operating, but I certainly hope the states that intend to join do so quickly. Those that haven't made a commitment should race to participate. This type of oversight is badly needed.

A lot of criticism about the mortgage mess has fallen on borrowers -- and rightfully so. Many did not do their research and didn't read their closing documents carefully or crunch the long-term numbers to see if they could afford their loans.

Still, some blame should be placed on brokers, lenders and front-line loan officers (some of whom were unlicensed) who pushed mortgage products on borrowers without adequately explaining the terms. The nationwide licensing system can go a long way to weed out these players.

It's not a perfect system. For one, the registry doesn't include the professionals working for federally insured banks, thrifts and credit unions. Still, the database is a better regulatory net than we have now.

We've had a lot of pompous proclamations of what should be done to avoid a repeat of the current mortgage disaster. At least this new system may actually provide much-needed consumer protection.

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

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